Estate planning practitioners regularly include some form of withdrawal rights in irrevocable trusts, exercisable with respect to a specific amount and for a limited period of time, to enable the trust's donor to use his Internal Revenue Code Section 2503(b) annual exclusion from gift tax for contributions to the trust. A withdrawal right must be included to provide the beneficiary with a “present interest” in the gift. By providing the withdrawal rights, all practitioners want to ensure ...

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